trending Market Intelligence /marketintelligence/en/news-insights/trending/ok4rgcngxms1nzugo8wpsg2 content esgSubNav
In This List

J.G. Wentworth completes Chapter 11 restructuring

Blog

Banking Essentials Newsletter: 7th February Edition

Case Study

A Bank Outsources Data Gathering to Meet Basel III Regulations

Podcast

Private Markets 360° | Episode 8: Powering the Global Private Markets (with Adam Kansler of S&P Global Market Intelligence)

Blog

Banks’ Response to Rising Rates & Liquidity Concerns


J.G. Wentworth completes Chapter 11 restructuring

J.G. Wentworth Co. has completed its reorganization under its prepackaged Chapter 11 plan.

The company extinguished $449.5 million in principal of outstanding debt and secured a revolving credit facility of roughly $70 million from HPS Investment Partners LLC. The company expects its debt service to be reduced to roughly $5 million from $32 million annually and its net leverage to be decreased to 1.0x from roughly 12.4x.

Lenders have exchanged their claims under the extinguished credit facility for cash consideration and at least 95.5% of the equity in the restructured company. The company, which had continued operations throughout the in-court restructuring process, will retain its leadership team.